What Start Ups Should Do to Survive COVID-19 Crisis?
What Should Start Ups Do to Survive COVID-19 Crisis? Control Spends, Tighten Teams, Make Money, High EQ,
by Sumon K Chakrabarti @SumonChakraVIEW
#CoFounder @thebuffalomedia @CRCLofficial
So from an economic outlook, this is what we are staring it. As a very early stage #startup #entrepreneur, I am saying this. Anyone saying otherwise is refusing to accept the reality. WE ARE GOING INTO A RECESSION. THE WORST EVER. #Recession #startupsvsvirus
What Should Start Ups Do to Survive COVID-19 Crisis?
1. So the most important word will be BURN. Are you cutting your cash burn? Are you extending your OPEX runway? Have you bootstrapped in your early days? If you have, you will remember that period was more difficult than today. #bootstrap
Because we don’t know when the COVID-19 curve will flatten, when have we broken the chain just enough, how long is this lockdown going to last (3 weeks or 3 months), when is the second wave coming et al. This is the time to become sustainable, dig deep and be compassionate.
Remember, if you are a #startup or big ass company, you cannot do financial projections till 2021. So if you are cash crunched, extend the runway now. If you are cash rich, please ensure that jobs are not lost even if your profits curve hit a flatline. #EQ
2. Also, remember this is the time where patterns will emerge. Co-founders will see patterns emerging from teams. Some will carry the burden of the entire team. As @novicenerd reminded, if we get the work done today without you, we will get it done day after as well.
3. What investors will see is *can you make money* index. This stress matrix will ensure behavioral change in companies. Great characters will emerge, great startups will be born, great culture will be implemented. And how much can you persevere. Professionals, don’t complain
4. What can #CEO s do? They should think. Because there is 1 PlanetEarth, no planet B. Are our businesses #SUSTAINABLE enough? Are we enforcing, no longer encouraging, sustainability? Because it will decide whether we have planned for a rainy day & future we have left behind
5. I didn’t know what a wartime CEO meant, but I have been thrust into it. I don’t know how I will respond in the coming days. Your EQ as CEO will be your biggest asset. My DMs are open. Anyone who wants to have a larger discussion, feel free to reach out. #CoronavirusLockdown
And a quick addition to my DM open + talk. There will be problems. The impact on start ups will be quite deep. Where’s the next salary gonna come from? Are you overeating in #WFH or #lockdown mode? Mental health? Wake up in cold sweats. #Entrepreneurs, we all know that’s par for course. just TALK
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